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ESG, Corporate Governance & Future of the Firm

The system of formal and informal rules by which a company is governed. Corporate governance shapes more than just a given’s company value – it dictates who controls the capital in the economy and so how this capital is being put the use. Corporate governance therefore affects and is affected by the degree of cronyism and rent-seeking in society.

ESG, Corporate Governance & Future of the Firm

“Comments for Sale”: Charitable Donations Can Lead Non-profits to Support Corporate Regulatory Agendas

Marianne Bertrand
A new paper shows how financial ties between companies and non-profits can subvert rulemaking process and lead to regulations that favor the interests of...
ESG, Corporate Governance & Future of the Firm

Two Years Later, Has the Business Roundtable Statement Transformed Capitalism?

Alex Edmans
Two years after the Business Roundtable redefined its statement of Purpose of a Corporation to include “a fundamental commitment to all of our stakeholders”...
Commentary

Why Corporate Purpose is Important to the Recovery From the Pandemic

Martin Lipton
A new initiative seeks to encourage directors, managers, asset owners, and other internal and external stakeholders to collaborate on articulating an actional principle of...
ESG, Corporate Governance & Future of the Firm

The Aristocracy of Talent: Business Intelligence

Adrian Wooldridge
In the following excerpt from his new book, The Aristocracy of Talent: How Meritocracy Made the Modern World, Adrian Wooldridge traces "how universities became more...
ESG, Corporate Governance & Future of the Firm

No More “Mystery Meat”: Why We Need Better Corporate Governance Data

Jens Frankenreiter
Three decades of finance, economics, and legal studies in corporate governance have been built substantially on data sets with nearly unknown provenance. A new...
ESG, Corporate Governance & Future of the Firm

George Stigler and the Challenge of Democracy

Anat Admati
We are all victims of what George Stigler described as “the pervasive use of state support of special groups” and of governance failures everywhere....
Economic History

What Stakeholder Capitalism Can Learn From Jensen and Meckling

Alex Edmans
Jensen and Meckling’s 1976 article is an academic classic, but heavily criticized by stakeholder capitalists for arguing that corporate structures should be designed to...
Economic History

The Most Famous Article on the Theory of the Firm is Widely Misunderstood

Brian Cheffins
Michael Jensen and William Meckling’s famous 1976 Journal of Financial Economics article has been cited nearly 100,000 times and is often regarded as a...
ESG, Corporate Governance & Future of the Firm

Public’s Perception of Large Corporations Has Direct Impact on the Public Support of Corporate Bailouts

Emanuele Colonnelli
A new Stigler Center working paper finds that the likelihood of someone signing an online petition or contacting their US senators to support corporate...
ESG, Corporate Governance & Future of the Firm

Holding Corporations and Executives Accountable Depends on Our Legal System

Vikramaditya Khanna
How can the law prevent and deter corporate wrongdoing? The answer might lie in identifying what factors are associated with greater wrongdoing and how...
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The publication of the Stigler Center at The University of Chicago Booth School of Business

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.